E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Good news for Textile importers! Government extends exemption of import duty and agri cess till 31 October

July 5, 2022

Videsh Mey Nivesh Ke Pathshala: Want to invest in foreign markets? Anil Singhvi explains how to do it

July 5, 2022

FinTech Acquisition Corp Mutually Terminates Merger Agreement With eToro

July 5, 2022
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Elliptic Reveals How Criminals Use Dogecoin
Crypto

Elliptic Reveals How Criminals Use Dogecoin

Paul EasterBy Paul EasterJune 23, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email



On June 22, Elliptic Connect, a blockchain analytics provider specializing in cryptocurrency-based financial crime prevention, published an investigation showing that Dogecoin (DOGE), Elon Musk’s favourite cryptocurrency, is being used by criminals to commit illicit acts.

According to Elliptic, Dogecoinis being used to finance frauds, scams, Ponzi schemes, and other more serious crimes like terrorism and child sexual abuse material.

Elliptic has identified millions of dollars worth of Dogecoin transactions connected to illicit activity including terrorism financing and vendors of child sexual abuse material (CSAM). https://t.co/a4x5pD1nuC#doge

— elliptic (@elliptic) June 21, 2022

Criminals Use DOGE As An Alternative To BTC And ETH

Per Elliptic’s report, criminals have moved millions of dollars in DOGE through thefts, scams, and Ponzi schemes. These include Plus Token, in which $20 million in DOGE were seized, and another alleged $119 million DOGE theft in China connected to a Turkish Ponzi scheme.

However, although millions of dollars are being moved in Dogecoin, most of the illicit activities are not as severe as terrorist financing or the purchase of child sexual abuse material —even though these also exist.

For example, for terrorism financing, the estimated value moved with DOGE amounts to just over $40,000, while for child sexual abuse material, the total is less than $3,000. This shows that criminals are using Dogecoin to evade authorities who have focused on other more established cryptocurrencies like Bitcoin, Ethereum, or Monero.

As for the darknet, Dogecoinis accepted in several marketplaces, such as Archetype, focused on drug sales, Just-Kill, used as a verifier for stolen credit cards, and others that promote illegal buying and selling of weapons and stolen goods.

Elliptic also reported an increase in the use of malware or computer viruses to steal Dogecoin from users’ wallets. However, it noted that the destination address for these funds has received almost $29,000, a minimal figure considering the millions of dollars in cryptocurrencies that have been stolen with similar tools.

Dogecoin Is No Longer Considered a Meme Coin

A curious fact is that, according to Elliptic, Dogecoin is no longer viewed as a meme currency thanks to the promotion that Elon Musk has made through his social media accounts, recalling that a few days ago, the electric car billionaire once again doubled down on his support for DOGE in the World Economic Forum.

And yet, even if indeed Dogecoin is being used for illicit activities, the reported figures are extremely small when taking into account its total value which despite the drop, amounts to more than $8,353,034,906 according to CoinMarketCap.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.





Source link

Paul Easter

Related Posts

FinTech Acquisition Corp Mutually Terminates Merger Agreement With eToro

By Paul EasterJuly 5, 2022

the Revolution Behind Asset Tokenization

By Paul EasterJuly 5, 2022

BTC Testing $20K But is Another Pullback Coming?

By Paul EasterJuly 5, 2022

CoinLoan Reduces Withdrawal Limits but Claims No Exposure to Luna, Celsius, 3AC

By Paul EasterJuly 5, 2022
Add A Comment

Comments are closed.

Our Picks

Good news for Textile importers! Government extends exemption of import duty and agri cess till 31 October

By Paul EasterJuly 5, 2022

Videsh Mey Nivesh Ke Pathshala: Want to invest in foreign markets? Anil Singhvi explains how to do it

By Paul EasterJuly 5, 2022

FinTech Acquisition Corp Mutually Terminates Merger Agreement With eToro

By Paul EasterJuly 5, 2022
Recent Posts
  • Good news for Textile importers! Government extends exemption of import duty and agri cess till 31 October July 5, 2022
  • Videsh Mey Nivesh Ke Pathshala: Want to invest in foreign markets? Anil Singhvi explains how to do it July 5, 2022
  • FinTech Acquisition Corp Mutually Terminates Merger Agreement With eToro July 5, 2022
  • Arbitrations – Worth the Supposed Savings? July 5, 2022
  • Asia Cup 2022 Cricket Schedule, Points Table, Teams, Winners, Date, Live Streaming, News, Venues, Squads July 5, 2022
  • Up to Rs 3 cr! Mirae Asset launches Loan Against Mutual Funds facility within minutes by lien marking – Know how it works July 5, 2022
  • Hacker Camps Post-Pandemic, Electromagnetic Field 2022 July 5, 2022
Archives
  • July 2022
  • June 2022
Facebook Twitter Instagram Pinterest TikTok
  • Home
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.